The talks broke down following disagreements over the terms and size of the deal, Bloombergreported people familiar with the matter as stating.

Under the deal, Buffett’s Berkshire Hathaway would have provided a convertible loan, both protecting the investment in the event of financial trouble at Uber and delivering upside if it continued to grow in value, according to sources, with one source stating that Buffett’s initial offer was well above $US3 billion.

However, Uber chief executive Dara Khosrowshahi had proposed decreasing the size of the deal to $US2 billion, according to a Bloomberg source, with the talks eventually falling apart.

Buffett, meanwhile, has confirmed to CNBC that the talks did take place. Buffett said he’s “a great admirer” of Khosrowshahi.

“Some of the reported details are not correct, but it’s true that Berkshire had discussions with Uber,” he said.

Khosrowshahi took on the chief executive role at Uber in August last year following the resignation of his predecessor Travis Kalanick.

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